Saudi Arabia, Russia, and Other OPEC+ Nations Agree on Production Adjustments

Riyadh: The eight OPEC+ countries, including Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman, convened virtually on March 1, 2026, to review the global market conditions and economic outlook. These nations, which had previously announced additional voluntary adjustments in April and November 2023, have decided on new production strategies to ensure market stability. According to Saudi Press Agency, the eight countries resolved to resume the unwinding of the 1.65 million barrels per day of additional voluntary adjustments declared in April 2023. They agreed to a production adjustment of 206,000 barrels per day, set to be implemented in April 2026. The potential return of the 1.65 million barrels per day will be contingent on evolving market conditions and executed gradually. The countries emphasized their commitment to closely monitoring market conditions and supporting stability. They highlighted the importance of maintaining flexibility in their production strategies, including the p ossibility to increase, pause, or reverse the phase-out of voluntary production adjustments. This includes the option to reverse the 2.2 million barrels per day adjustments announced in November 2023. Furthermore, the eight OPEC+ nations expressed that the new measures would allow them to expedite compensation efforts. They reiterated their dedication to full compliance with the Declaration of Cooperation, which includes additional voluntary production adjustments overseen by the Joint Ministerial Monitoring Committee (JMMC). The countries also committed to compensating for any overproduction since January 2024. To ensure ongoing market assessment and compliance, the OPEC+ nations will hold monthly meetings, with the next scheduled for April 5, 2026.